AGM Statement and Q1 trading update

Osirium Technologies PLC

09 May 2023

 

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

9 May 2023

Osirium Technologies plc

("Osirium", the "Group" or the "Company")

AGM Statement and Q1 trading update

The Annual General Meeting ("AGM") of Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based cybersecurity software, will be held today at 11:00am at the Company's offices at Theale Court, 11-13 High Street, Theale, RG7 5AH. At the AGM, Osirium's Executive Chairman, David Guyatt, will provide the following update on the Company's trading for the first quarter of the 2023 financial year ("Q1 2023").

The Company is pleased to announce continued positive trading through Q1 2023, with annual recurring revenue* ("ARR") for March 2023 of £2.04 million, an increase of 31% over the past 12 months (March 2022 ARR: £1.56 million) and 10% for the quarter (December 2022 ARR: £1.86 million).

The Group's cash balance and debtor position as at 31 March 2023 was £690k. Based on prior years, the Company expects to receive an R&D tax credit of not less than £600k before the end of H1. 

The positive momentum into the new year is a result of new customer wins in sectors such as utilities, chemicals and the public sector as well as license upsells and expansions within existing customers. We continue to see a growing awareness of the requirement for privileged security products across industries, underpinned by regulatory drivers, security best practice and insurance prerequisites.

The Group's 'channel-first' approach is progressing well, delivering new opportunities which have been successfully converted during Q1 2023.

The Group has seen a healthy return to large-scale trade events, which attract a range of delegates from Osirium's primary audiences. Recent events attended by the Group include the BETT Education Technology Show, CyberWeek, and the National Cyber Security Show.

Looking ahead, our healthy increase in ARR in the first quarter of the year reflects the ongoing demand we are seeing for our offering, underpinned by a substantial market opportunity.

* ARR is calculated by annualising revenue recognised in a given month from all clients on deployed subscription contracts

Contacts:
Osirium Technologies plc	Tel: [phone]
Stuart McGregor, Chief Executive Officer
Rupert Hutton, Chief Financial Officer
Allenby Capital Limited (Nominated adviser and broker)	Tel: [phone]
James Reeve / George Payne (Corporate Finance)
Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)
Alma PR (Financial PR adviser)	Tel: [phone]
Hilary Buchanan	[e-mail]
Kieran Breheny
Will Ellis Hancock

About Osirium Technologies Plc

Osirium Technologies plc (AIM: OSI) is a leading UK-based cybersecurity software vendor delivering Privileged Access Management (PAM), Privileged Endpoint Management (PEM) and Osirium Automation solutions that are uniquely simple to deploy and maintain.

With privileged credentials involved in over 80% of security breaches, customers rely on Osirium PAM's innovative technology to secure their critical infrastructure by controlling 3rd party access, protecting against insider threats, and demonstrating rigorous compliance. Osirium Automation delivers time and cost savings by automating complex, multi-system processes securely, allowing them to be delegated to Help Desk engineers or end-users and to free up specialist IT resources. The Osirium PEM solution balances security and productivity by removing risky local administrator rights from users, while at the same time allowing escalated privileges for specific applications.

Founded in 2008 and with its headquarters in Reading, UK, the Group was admitted to trading on AIM in April 2016. For further information please visit www.osirium.com.

 

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